Edmonton Real Estate Market Report – August 2024

The Greater Edmonton Area (GEA) real estate market experienced a total of 2,591 residential unit sales in August 2024, marking an 11.8% drop from July 2024. However, sales are still 15.8% higher compared to August 2023, indicating strong year-over-year growth. New residential listings for the month totaled 3,467, down 7.0% from July, but up by 7.7% when compared to August of last year. The overall inventory in the GEA dipped by 1.2% from July 2024 and is 13.8% lower than the levels seen in August 2023.

Residential Unit Sales Breakdown

• Detached Homes: There were 1,468 detached home sales in August 2024, a 14.1% decrease from July, but 12.5% higher year-over-year.
• Semi-Detached Homes: Sales dropped 7.0% compared to July 2024 but showed a strong 18.8% growth over August 2023.
• Row/Townhouses: Unit sales decreased 3.5% month-over-month, yet these properties saw a 19.2% increase over the previous year.
• Apartment Condominiums: Sales were 14.5% lower than in July but still showed a 22.6% increase year-over-year, highlighting growing interest in condo living.

Average Prices

• Overall Residential: The average price across all residential types in August 2024 was $435,094, a 1.2% drop from July, but still showing a 9.1% increase from August 2023.
• Detached Homes: Detached home prices averaged $546,101, a 1.1% decrease from July, though up 10.2% year-over-year.
• Semi-Detached Homes: These units saw an average price of $414,526, up 1.9% from the previous month and 10.9% higher than August 2023.
• Row/Townhouses: The average price for row/townhouses in August was $290,569, a slight decrease of 0.5% from July but 14.7% higher year-over-year.
• Apartment Condominiums: Prices dropped slightly by 0.3% to $203,742 from July 2024, but were up by 5.1% compared to August 2023.

MLS® Home Price Index (HPI)

The MLS® HPI composite benchmark price in the Greater Edmonton Area was $407,200 in August 2024, reflecting a small 0.1% increase from July 2024. Year-over-year, the benchmark price is up by 7.6%, showing steady appreciation in the market.

Days on Market

• Detached Homes: These homes averaged 35 days on the market, an increase of three days compared to July 2024.
• Semi-Detached Homes: Semi-detached properties stayed on the market for an average of 30 days, up by three days month-over-month.
• Row/Townhouses: The time on market remained steady at 31 days, with no change from July.
• Apartment Condominiums: Condos saw a slight improvement, averaging 42 days on the market, down by one day from the previous month.
• Overall: All residential listings averaged 35 days on the market, a month-over-month increase of two days but an 11-day decrease compared to August 2023.

“With the summer market cooling off, we’re seeing fewer listings and a slight dip in prices month-over-month. However, buyer demand remains strong, especially compared to last year. This is still a great time to sell as home values continue to rise annually, particularly for detached and semi-detached properties.” – Ken, Owner/Realtor at Park Realty